Wikipedia:WikiProject Trains/ICC valuations/Wabash Railway

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The property of the Wabash, with the exception of 3.864 miles leased to the Illinois Terminal Railroad Company, was operated by its own organization from November 1, 1915, until December 31, 1917. On January 1, 1918, its common-carrier property was taken over for operation by the United States Railroad Administration, which still operates it on date of valuation.

CORPORATE HISTORY

The Wabash was incorporated on October 22, 1915, under the general laws of


No. Name Incorporation Succession
1. Wabash Railway Company. Incorporated under general laws of Indiana, October 22, 1915.
2. The Wabash Railroad Company. Under general laws of Michigan, Ohio, Indiana, Illinois, and Missouri through articles of consolidation dated May 27, 1889, filed in Illinois and Indiana, July 29, 1889; filed in Missouri and Michigan, July 31, 1889; filed in Ohio, August 1, 1889. Sold at foreclosure July 21, 1915, to purchasing committee after receivership begun December 26, 1911, and terminated October 31, 1915; acquired October 22, 1915, by 1.
3. Detroit & State Line Wabash Railroad Company. Under general laws of Michigan, February 27, 1889. Consolidated August 1, 1889, with 4, 5, 6, and 7 to form 2.
4. The Toledo Western Railroad Company. Under general laws of Ohio, May 17, 1889. Consolidated August 1, 1889, with 3, 5, 6, and 7 to form 2.
5. Wabash Eastern Railway Company of Indiana. Under general laws of Indiana, May 17, 1889. Consolidated August 1, 1889, with 3, 4, 6, and 7 to form 2.
6. Wabash Eastern Railway Company of Illinois. Under general laws of Illinois, May 13, 1889. Consolidated August 1, 1889, with 3, 4, 5, and 7 to form 2.
7. The Wabash Western Railway Company. Under general laws of Missouri, March 8, 1887. Consolidated August 1, 1889, with 3, 4, 5, and 6 to form 2.
8. St. Louis, Ottumwa and Cedar Rapids Railway Company. Under general laws of Iowa, September 17, 1875. Sold at foreclosure August 4, 1887, to agent of holders of defaulted obligations and acquired November 26, 1887, by 7.
9. The St. Louis and Cedar Rapids Railway. Under general laws of Iowa, October 23, 1865. Sold at foreclosure March 18, 1873, to agent of holders of defaulted obligations and acquired October 1, 1875, by 8.
10. Montpelier and Chicago Rail Road Company. Under general laws of Indiana, February 28, 1890. Sold to 2 December 14, 1891.
11. The Montpelier and Chicago Railroad Company. Under general laws of Ohio, January 11, 1889. Sold to 2 December 24, 1891.
12. Des Moines and St. Louis Railroad Company. Under general laws of Iowa, February 8, 1881. Property within corporate limits of city of Des Moines, Iowa, about 2.50 miles, sold to Des Moines Union Railway Company, not a predecessor, February 21, 1888. Remainder of property sold to 2 January 1, 1899.
13. The Moulton, Albia and Des Moines Railroad Company. Under general laws of Iowa, February 10, 1899. Sold to 2 March 15, 1899.
14. The Toledo and Chicago Railroad Company. Under general laws of Ohio, March 15, 1901. Sold to 2 May 31, 1901.
15. The Fort Wayne and Detroit Railroad Company. Under general laws of Indiana, March 20, 1901. Sold to 2 May 31, 1901.
16. The Omaha and St. Louis Railroad Company. Under general laws of Missouri, June 11, 1896. Sold at foreclosure October 12, 1901, to 2, after receivership begun January 3, 1900.
17. The Omaha and St. Louis Railway Company. Under general laws of Missouri, May 18, 1887. Sold at foreclosure January 27, 1896, to agents of holders of defaulted obligations after receivership begun in June 1893; acquired July 1, 1896, by 16.
18. Council Bluffs and St. Louis Railway Company. Under general laws of Iowa, September 2, 1878. Sold at foreclosure December 28, 1886, to agents of holders of defaulted obligations, after receivership begun March 7, 1886, and acquired May 26, 1887, by 17.
19. The Columbia and St. Louis Railroad Company. Under general laws of Missouri, January 28, 1902. Sold to 2 May 9, 1902.
20. The Boone County and Boonville Railway Company. Under general laws of Missouri, April 30, 1873. Sold to 19 May 1, 1902.
21. Boone County and Jefferson City Railroad Company. Under special act of Missouri, January 30, 1857. Conveyed April 23, 1873, to agent of holder of defaulted obligations and acquired May 1, 1873, by 20.
22. Champaign and Southeastern Railway Company. Under general laws of Illinois, December 11, 1880. Sold at foreclosure January 15, 1903, to E. B. Pryor in trust for 2.
23. The Attica, Covington and Southern Rail Way Company. Under general laws of Indiana, October 6, 1879. Sold at foreclosure January 22, 1903, to E. B. Pryor in trust for 2.
24. The Wabash, St. Louis and Pacific Railway Company. Under general laws of Ohio, Indiana, Illinois, and Missouri, through articles of consolidation dated August 14, 1879; filed in Ohio, Indiana, and Illinois October 25, 1879, and Missouri November 10, 1879, effective November 10, 1879. Sold at foreclosure April 26, 1886, and deeded in sections October 15, 1886, and May 14, 1889, to purchasing committee after receivership begun May 29, 1884; road then partitioned, and, excepting certain lines disposed of as detailed elsewhere, the lines in Missouri acquired by 7 and 17, September 30, 1887, and May 26, 1887, in Illinois by 6, May 23, 1889, in Indiana by 5, May 23, 1889, and in Ohio by 3 and 4, May 13, 1889, and May 23, 1889.
25. St. Louis, Kansas City and Northern Railway Company. Under general laws of Missouri January 2, 1872. Consolidated November 10, 1879, with 35 to form 24.
26. Clarinda and St. Louis Railroad Company (of Missouri). Under general laws of Missouri, March 8, 1879. Sold to 25, July 11, 1879.
27. The North Missouri Railroad Company. Under special act of Missouri, March 3, 1851. Sold at foreclosure August 26, 1871, to agent of holders of defaulted obligations and acquired February 6, 1872, by 25.
28. Missouri River Valley Railroad Company. Under special act of Missouri, December 5, 1859. Sold to 27 April 11, 1864.
29. Chariton and Randolph Rail Road Company. Under general laws of Missouri, December 13, 1858. Sold to 27, May 14, 1864.
30. Salisbury and Glasgow Railroad Company. Under general laws of Missouri, January 12, 1877. Sold to 25, May 30, 1877.
31. The Keokuk and Kansas City Railway Company. See 32. Portion of road sold May 18, 1875, and remainder sold November 16, 1875, to agents of certain creditors and acquired February 27, 1877, by 30.
32. Missouri and Mississippi Railroad Company. Under special act of Missouri, February 20, 1865. Name changed to 31 on January 23, 1873.
33. The St. Charles Bridge Company. Under general laws of Missouri, September 21, 1868. Sold to 25, July 8, 1878.
34. The Council Bluffs and Saint Louis Railroad Company. Under general laws of Missouri, October 1, 1878. Sold to 25, February 10, 1879.
35. The Wabash Railway Company. Under general laws of Ohio, Indiana, and Illinois, through articles of consolidation dated January 3, 1877; filed in Illinois January 5, 1877; in Indiana January 6, 1877; and in Ohio January 10, 1877. Consolidated November 10, 1879, with 25 to form 24.
36. The Wabash Railway Company of Illinois. Under general laws of Illinois December 22, 1876. Consolidated January 10, 1877, with 37 and 38 to form 35.
37. The Wabash Railway Company of Indiana. Under general laws of Indiana, January 2, 1877. Consolidated January 10, 1877, with 36 and 38 to form 35.
38. The Wabash Railway Company of Ohio. Under general laws of Ohio, December 28, 1876. Consolidated January 10, 1877, with 36 and 37 to form 35.
39. The Toledo, Wabash & Western Railway Company. Under general laws of Ohio, Indiana, and Illinois, through articles of consolidation dated June 30, 1865; filed in Illinois June 30, 1865; in Indiana July 5, 1865; and in Ohio July 6, 1865. Sold at foreclosure June 10, 1876, to agents of holders of defaulted obligations, and acquired January 12, 1877, by 35.
40. Toledo and Wabash Railway Company. Under general laws of Ohio and Indiana, through articles of consolidation dated October 7, 1858; filed in Indiana December 9, 1858 and in Ohio December 15, 1858, effective December 15, 1858. Consolidated June 30, 1865, with 46, 47, and 51 to form 39.
41. Toledo and Wabash Rail Road Company. Under general laws of Ohio, July 10, 1858. Consolidated December 15, 1858, with 42 to form 40.
42. The Wabash and Western Railway Company. Under general laws of Indiana, September 27, 1858. Consolidated December 15, 1858, with 41 to form 40.
43. Toledo, Wabash and Western Rail Road Company. Under general laws of Ohio and Indiana, through articles of consolidation dated June 25, 1856; filed in Ohio August 4, 1856 and in Indiana September 23, 1856, effective September 23, 1856. Sold at foreclosure [?] October 5, 1858, to agents of [?] October 8, 1858, to agents of [?][split to 41, 42]
44. Toledo and Illinois Rail Road Company. Under general laws of Ohio, April 25, 1853. Consolidated September 23, 1856, with 45 to form 43.
45. The Lake Erie, Wabash and St. Louis Rail Road Company. Under general laws of Indiana, August 31, 1852. Consolidated September 23, 1856, with 44 to form 43.
46. The Illinois and Southern Iowa Rail Road Company. Under special act of Illinois, February 12, 1857. Consolidated June 30, 1865, with 40, 47, and 51 to form 39.
47. The Great Western Rail Road Company of 1859. Under special act of Illinois, January 29, 1859. Consolidated June 30, 1865, with 40, 46, and 51 to form 39.
48. The Great Western Railroad Company. See 49. [Sold August 17, 1857 or October 16, 1857] and acquired March 19, 1859, by 47.
49. Sangamon and Morgan Railroad Company. Under special act of Illinois, March 1, 1845. Name changed to 48 on February 12, 1853.
50. Northern Cross Railroad and Transportation Company. Under special act of Illinois, March 6, 1843. Sold to 49 on February 28, 1847.
51. The Quincy and Toledo Railroad Company. Under special act of Illinois, January 31, 1857. Consolidated June 30, 1865, with 40, 46, and 47 to form 39.
52. Decatur and East St. Louis Rail Road Company. Under special act of Illinois, February 26, 1867. Merged with 39 [?] August 10, 1870.
53. Madison County Railroad Company. Under special act of Illinois, February 15, 1865. Conveyed February 27, 1871, to holders of defaulted obligations and acquired September 14, 1877, by 35.
54. The Mount Carmel and Alton Rail Road Company. Under special act of Illinois, January 16, 1836. Sold to 53, February 15, 1865.
55. Hannibal and Naples Railroad Company. Under special act of Illinois, February 12, 1863. Conveyed May 22, 1877, to agents of holders of defaulted obligations and acquired November 4, 1878, by 35.
56. The Pike County Railroad Company. Under special act of Illinois, February 14, 1857. Conveyed by sheriff's deed of May 18, 1865, to 55.
57. Chicago and Strawn Railway Company. Under general laws of Illinois, June 28, 1879. Merged with 24 through articles of consolidation dated June 23, 1879; filed in Illinois July 31, 1880; and in Missouri August 3, 1880.
58. Chicago and Paducah Railroad Company. Under general laws of Illinois, through articles of consolidation dated March 19, 1872, filed June 15, 1872. Sold at foreclosure April 6, 1880, to agents of holders of defaulted obligations, after receivership begun May 29, 1877, and acquired June 23, 1880, by 24.
59. The Bloomington and Ohio River Railroad Company. Under special act of Illinois, March 10, 1869. Consolidated June 15, 1872, with 60 to form 58.
60. The Fairbury, Pontiac and Northwestern Railway Company. Under special act of Illinois, March 7, 1867. Consolidated June 15, 1872, with 59 to form 58.
61. The Detroit, Butler and St. Louis Railroad Company. Under general laws of Michigan, Ohio, and Indiana through articles of consolidation dated January 17, 1881; filed in Michigan, Ohio, and Indiana May 25, 1881. Merged with 24 through articles of consolidation dated June 13, 1881; filed in Michigan and Indiana, September 10, 1881; filed in Ohio, September 12, 1881.
62. Detroit, Butler and St. Louis Railroad Company. Under general laws of Michigan, February 11, 1880. Consolidated May 25, 1881, with 63 to form 61.
63. The Butler and Detroit Railroad Company. Under general laws of Ohio and Indiana through articles of consolidation dated August 10, 1880; filed in Ohio and Indiana October 21, 1880. Consolidated May 25, 1881, with 62 to form 61.
64. Butler and Detroit Railroad Company. Under general laws of Indiana, June 22, 1880. Consolidated October 21, 1880, with 65 to form 63.
65. The North Western Ohio Railroad Company. Under general laws of Ohio, May 18, 1880. Consolidated October 21, 1880, with 64 to form 63.

The foregoing does not include the following six additional corporations whose properties, aggregating 512.17 miles, were at one time a part of The Wabash, St. Louis and Pacific Railway Company but which now form a part of the Illinois Central Railroad Company, the Cleveland, Cincinnati, Chicago and St. Louis Railway Company, and the Chicago, Peoria and St. Louis Railroad Company.

No. Name Incorporation Succession
1. Champaign, Havana and Western Railway Company, now a part of the Illinois Central Railroad Company. Incorporation date unknown; sold to the Chicago, Havana & Western Railroad Company (a predecessor of the Illinois Central Railroad Company), December 30, 1886.
2. Danville and Southwestern Railroad Company, now a part of the Cleveland, Cincinnati, Chicago and St. Louis Railway Company. Incorporated July 25, 1879; sold to The Cairo, Vincennes and Chicago Railway Company (a predecessor of the Cleveland, Cincinnati, Chicago and St. Louis Railway Company), June 20, 1889.
3. St. Francisville and Lawrenceville Railroad Company, now a part of the Cleveland, Cincinnati, Chicago and St. Louis Railway Company. Incorporated July 14, 1879; sold to The Cairo, Vincennes and Chicago Railway Company June 20, 1889.
4. Cairo and Vincennes Railway Company, now a part of The Cleveland, Cincinnati, Chicago and St. Louis Railway Company. Incorporated July 9, 1880; sold to The Cairo, Vincennes and Chicago Railway Company, June 20, 1889.
5. Peoria, Pekin and Jacksonville Railroad Company, now a part of the Chicago, Peoria and St. Louis Railroad Company. Incorporated June 11, 1863; sold to The Chicago, Peoria and St. Louis Railway Company (a predecessor of the Chicago, Peoria and St. Louis Railroad Company), June 28, 1888.
6. The Springfield and Northwestern Railway Company, now a part of the Chicago, Peoria and St. Louis Railroad Company. Incorporated May 11, 1878; sold to The Chicago, Peoria and St. Louis Railway Company June 28, 1888.
DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The recorded mileage owned by the Wabash amounts to 1,949.45 miles, of which 1,949.19 miles was acquired by purchase and 0.26 mile by construction. The inventoried mileage is 1,950.600 miles. Of the 63 predecessor corporations, 10 did not construct or improve any property, 12 acquired property from predecessors but the records do not show that they improved such property while they owned it, 5 only improved property completed by others. The entire 1,949.19 miles acquired by purchase was acquired from The Wabash Railroad Company, through a purchasing committee, after sale under foreclosure proceedings. The 0.26 mile constructed by the Wabash consisted of a change of line, Missouri City, Mo., 1915, 0.67 mile, and change of line, De Witt, Mo., 1917, 2.45 miles, less abandonments due to above line changes, 2.86 miles. Details with respect to the construction of the property are given in the accounting report.

HISTORY OF CORPORATE FINANCING


DEVELOPMENT OF FIXED PHYSICAL PROPERTY

Of the 1,949.19 miles of road owned by The Wabash Railroad Company on the date of foreclosure sale, it had acquired 1,438.12 miles by consolidation, 257.53 miles by subsequent purchases, and 287.15 miles by construction of new lines. Abandonments and track changes subsequently reduced the above mileage by 33.61 miles or to 1,949.19 miles owned on date of sale. Details with respect to construction of the property are given in the accounting report on the Wabash. [come on...]

In addition to the above mileage, The Wabash Railroad Company claims as owned 2.30 miles of second main track extending from Peru, eastward to Peru Junction, Ind., which was originally constructed by the Peru and Detroit Railway Company on the right of way of The Wabash Railroad Company; 7.33 miles of the Peru and Detroit Railway Company extending from Peru Junction, to Chili, Ind., was sold to the Winona Interurban Railway Company, August 8, 1906, and the remainder of the mileage owned by the Peru and Detroit Railway Company reverted to The Wabash Railroad Company which used it as a part of its double track.

HISTORY OF CORPORATE FINANCING


DETROIT & STATE LINE WABASH RAILROAD COMPANY—PREDECESSOR OF THE WABASH RAILROAD COMPANY

This company was incorporated February 27, 1889, in Michigan. No accounting records were obtained. Data indicated below were obtained from articles of incorporation and from other sources.

The records reviewed do not indicate whether the company was controlled by any individual or corporation on August 1, 1889, the date of consolidation, nor whether it then controlled any common-carrier corporation. The property was operated by The Wabash Western Railway Company, as agent, from the date of acquirement thereof to date of consolidation. This company owned on the date of consolidation 109.88 miles of railroad extending from Delray, Mich., to Butler, Ind. This property was all acquired from a purchasing committee which had acquired it at foreclosure sale from The Wabash, St. Louis and Pacific Railway Company.

The authorized capital stock was $300,000 par value, [...]

THE TOLEDO WESTERN RAILROAD COMPANY—PREDECESSOR OF THE WABASH RAILROAD COMPANY

This company was incorporated May 17, 1889, in Ohio. No accounting records were obtained. Data indicated below were obtained from articles of incorporation and from other sources.

The records reviewed do not indicate whether the company was controlled by any individual or corporation on August 1, 1889, the date of consolidation, nor whether it then controlled any common-carrier corporation.


This company owned on the date of consolidation 75.75 miles of railroad, extending from Toledo, Ohio, to the Ohio-Indiana State line, which was all acquired from a purchasing committee which had acquired it at foreclosure sale from The Wabash, St. Louis and Pacific Railway Company.

The authorized capital stock was $700,000 par value, [...]



THE WABASH WESTERN RAILWAY COMPANY—PREDECESSOR OF THE WABASH RAILROAD COMPANY
INTRODUCTORY

This company was incorporated under the general laws of Missouri March 8, 1887. The records reviewed do not indicate whether this company was controlled by any individual or corporation on August 1, 1889, the date of consolidation, nor whether it then controlled any common-carrier corporation. The property was operated by its own organization from the dates of acquirement thereof until date of consolidation.

The railroad operated was a single-track, standard-gage, steam railroad, located in Missouri and Iowa, aggregating 532.27 miles. The owned mileage amounted to 430.92 miles and extended from St. Louis to Harlem, Mo., Moberly, Mo., to Ottumwa, Iowa, and from Salisbury to Glasgow, Mo. The mileage operated under lease amounted to 101.35 miles and extended from Centralia to Columbia, Mo., and from Brunswick to Pattonsburg, Mo. The company used under trackage rights 39.8 miles of the road of other carriers, part of which afforded access to Kansas City, Mo.

In addition to the above, it operated for account of the purchasing committee of The Wabash, St. Louis and Pacific Railway Company, 162.59 miles of leased road, extending from Harvey to Chesterfield, Iowa, Sidney to Champaign, Ill., Logansport to Butler, Ind., and Attica to Covington, Ind. It also operated, as agent, 109.88 miles of road of the Detroit & State Line Wabash Railroad Company, extending from Delray, Mich., to Butler, Ind.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

Of the road owned by the company on the date of consolidation, it had acquired 387.91 miles from the purchasing committee of The Wabash, St. Louis and Pacific Railway Company and 43.01 miles from Leonard Matthews, who had acquired it at a foreclosure sale on August 4, 1887, from the St. Louis, Ottumwa and Cedar Rapids Railway Company. Details are given in the accounting report on the Wabash.

HISTORY OF CORPORATE FINANCING